Moody's: AMN liquidity SGL-3

Moody's Investors Service said it assigned an SGL-3 speculative-grade liquidity rating to AMN Healthcare, Inc. and affirmed AMN's Ba3 corporate family rating, Ba3 probability of default rating, Ba2 ratings on its first-lien senior secured credit facilities and B1 rating on its second-lien senior secured credit facilities.

The outlook is stable.

The SGL-3 rating reflects Moody's expectation that liquidity will be adequate to support operations over the next year, the agency said. The assessment reflects the view that AMN will generate positive free cash flow and maintain significant revolving credit availability.

The affirmation reflects the view that slow improvement in business and macroeconomic conditions and realized synergies from the Medfinders business acquired in September 2010 will enable AMN to continue to improve operating performance and credit metrics, the agency added.

The affirmation assumes that credit metrics, which are weak for the rating category, will return to appropriate levels over the near-term, Moody's noted.

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